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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
The following tables are a summary of the investment securities portfolios as of the dates shown:
September 30, 2021
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale securities
U.S. Treasury$6,000 $— $— $6,000 
U.S. Government agencies50,163 3,112 — 53,275 
Municipal170,612 4,202 (214)174,600 
Corporate notes:
Financial issuers98,848 500 (1,241)98,107 
Other1,000 11 — 1,011 
Mortgage-backed: (1)
Mortgage-backed securities1,913,139 44,931 (25,434)1,932,636 
Collateralized mortgage obligations107,657 192 — 107,849 
Total available-for-sale securities$2,347,419 $52,948 $(26,889)$2,373,478 
Held-to-maturity securities
U.S. Government agencies$176,143 $482 $(2,878)$173,747 
Municipal190,662 10,321 (334)200,649 
Mortgage-backed securities2,318,309 1,924 (46,102)2,274,131 
Corporate notes51,691 — (738)50,953 
Total held-to-maturity securities$2,736,805 $12,727 $(50,052)$2,699,480 
Less: Allowance for credit losses(83)
Held-to-maturity securities, net of allowance for credit losses$2,736,722 
Equity securities with readily determinable fair value $83,909 $5,678 $(1,394)$88,193 
(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.
December 31, 2020
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(Dollars in thousands)
Available-for-sale securities
U.S. Treasury$304,956 $15 $— $304,971 
U.S. Government agencies80,074 4,439 — 84,513 
Municipal141,244 5,707 (41)146,910 
Corporate notes:
Financial issuers91,786 1,363 (2,764)90,385 
Other1,000 20 — 1,020 
Mortgage-backed: (1)
Mortgage-backed securities2,330,332 86,721 (15)2,417,038 
Collateralized mortgage obligations10,689 313 — 11,002 
Total available-for-sale securities$2,960,081 $98,578 $(2,820)$3,055,839 
Held-to-maturity securities
U.S. Government agencies$177,959 $2,552 $— $180,511 
Municipal200,707 12,232 (214)212,725 
Mortgage-backed securities200,531 — — 200,531 
Total held-to-maturity securities$579,197 $14,784 $(214)$593,767 
Less: Allowance for credit losses(59)
Held-to-maturity securities, net of allowance for credit losses$579,138 
Equity securities with readily determinable fair value$87,618 $3,674 $(430)$90,862 
(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.

September 30, 2020
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(Dollars in thousands)
Available-for-sale securities
U.S. Treasury$279,903 $206 $(1)$280,108 
U.S. Government agencies172,951 5,715 — 178,666 
Municipal150,333 3,996 (134)154,195 
Corporate notes:
Financial issuers106,764 455 (4,110)103,109 
Other1,000 26 — 1,026 
Mortgage-backed: (1)
Mortgage-backed securities2,121,423 94,543 (11)2,215,955 
Collateralized mortgage obligations13,036 365 (1)13,400 
Total available-for-sale securities$2,845,410 $105,306 $(4,257)$2,946,459 
Held-to-maturity securities
U.S. Government agencies$349,415 $4,396 $— $353,811 
Municipal$210,915 11,339 (118)222,136 
Total held-to-maturity securities$560,330 $15,735 $(118)$575,947 
Less: Allowance for credit losses(63)
Held-to-maturity securities, net of allowance for credit losses$560,267 
Equity securities with readily determinable fair value$53,250 $1,537 $(389)$54,398 
(1)Consisting entirely of residential mortgage-backed securities, none of which are subprime.
Investment Securities, Continuous Unrealized Loss Position, Fair Value
The following table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at September 30, 2021:
Continuous unrealized
losses existing for
less than 12 months		Continuous unrealized
losses existing for
greater than 12 months		Total
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available-for-sale securities
U.S. Treasury$— $— $— $— $— $— 
U.S. Government agencies— — — — — — 
Municipal54,995 (210)111 (4)55,106 (214)
Corporate notes:
Financial issuers24,778 (223)45,975 (1,018)70,753 (1,241)
Other— — — — — — 
Mortgage-backed:
Mortgage-backed securities850,161 (25,434)— — 850,161 (25,434)
Collateralized mortgage obligations— — — — — — 
Total available-for-sale securities$929,934 $(25,867)$46,086 $(1,022)$976,020 $(26,889)
Schedule of Gross Gains and Losses on Investment Securities
The following table provides information as to the amount of gross gains and losses, adjustments and impairment on investment securities recognized in earnings and proceeds received through the sale or call of investment securities:
Three months ended September 30,Nine months ended September 30,
(Dollars in thousands)2021202020212020
Realized gains on investment securities$355 $78 $1,184 $725 
Realized losses on investment securities(5)(28)(40)(525)
Net realized gains on investment securities350 50 1,144 200 
Unrealized gains on equity securities with readily determinable fair value1 471 2,627 2,118 
Unrealized losses on equity securities with readily determinable fair value(634)(110)(1,585)(3,766)
Net unrealized (losses) gains on equity securities with readily determinable fair value(633)361 1,042 (1,648)
Upward adjustments of equity securities without readily determinable fair values— — — 393 
Downward adjustments of equity securities without readily determinable fair values— — — — 
Impairment of equity securities without readily determinable fair values(2,148)— (2,178)(2,085)
Adjustment and impairment, net, of equity securities without readily determinable fair values(2,148)— (2,178)(1,692)
(Losses) gains on investment securities, net$(2,431)$411 $8 $(3,140)
Proceeds from sales of available-for-sale securities(1)
$189,851 $— $192,227 $502,676 
Proceeds from sales of equity securities with readily determinable fair value3,500 2,500 9,759 6,530 
Proceeds from sales and capital distributions of equity securities without readily determinable fair value1,330 1,247 2,467 1,691 
(1)Includes proceeds from available-for-sale securities sold in accordance with written covered call options sold to a third party.
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of September 30, 2021, December 31, 2020 and September 30, 2020, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties:
September 30, 2021December 31, 2020September 30, 2020
(Dollars in thousands)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Available-for-sale securities
Due in one year or less$45,459 $45,549 $343,601 $343,846 $338,702 $338,954 
Due in one to five years92,457 94,134 67,901 70,334 76,843 78,843 
Due in five to ten years121,099 121,650 111,886 112,178 108,688 105,968 
Due after ten years67,608 71,660 95,672 101,441 186,718 193,339 
Mortgage-backed2,020,796 2,040,485 2,341,021 2,428,040 2,134,459 2,229,355 
Total available-for-sale securities$2,347,419 $2,373,478 $2,960,081 $3,055,839 $2,845,410 $2,946,459 
Held-to-maturity securities
Due in one year or less$5,466 $5,493 $7,138 $7,186 $6,911 $6,942 
Due in one to five years75,724 76,173 22,217 23,068 21,392 21,999 
Due in five to ten years150,908 157,282 150,621 159,293 144,468 151,175 
Due after ten years186,398 186,401 198,690 203,689 387,559 395,831 
Mortgage-backed2,318,309 2,274,131 200,531 200,531 — — 
Total held-to-maturity securities$2,736,805 $2,699,480 $579,197 $593,767 $560,330 $575,947 
Less: Allowance for credit losses(83)(59)(63)
Held-to-maturity securities, net of allowance for credit losses$2,736,722 $579,138 $560,267